Roughrider Announces Closing of its $1.8 Million Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
NEWS RELEASE
Roughrider Announces Closing of its $1.8 Million Financing
July 31, 2020 TSX.V: REL
Vancouver, BC -- Roughrider Exploration Limited (TSX -V: REL) ("Roughrider" or the “ Company”) is pleased to announce
that it has completed its previously announced non -brokered private placement (see news release s dated July 14, 2020 and
July 17, 2020), issuing 9,000,000 units (the “Units”) at an issue price of $0.20 per U nit for gross proceeds of $1,800,000 (the
“Offering”). On July 14, 2020, the Company announced the undertaking of a private placement of up to $1,000,000 but due
to very strong investor demand, the Company promptly increased this to $1,800,000.
Each Unit will consist of one common share in the capital of the Company and one -half of one non -transferable common
share purchase warrant, with each wh ole warrant entitling the holder to acquire an additional common share of the
Company at an exercise price of $0.30 per share with an expiry date ("Expiry Date") of 24 months after completion of the
Offering (the "Closing Date"). If, at any time after the Closing Date, the volume weighted average trading price of the
Company's common shares on the TSX Venture Exchange (the "Exchange"), or other principal exchange on which the
common shares are listed, is greater than $0.40 for 10 consecutive trading days, t he Company may, at its option, deliver a
notice to the holders of the warrants accelerating the Expiry Date to the date that is 30 days following the date of such
notice (the "Accelerated Exercise Period"). Concurrent with the giving of such notice, the Co mpany will also issue a press
release disclosing the Accelerated Exercise Period. Any unexercised warrants shall automatically expire at the end of the
Accelerated Exercise Period.
Finders acting in connection with the Offering received aggregate cash fees of $94,500 and a total of 397 ,250 finders’
warrants, with the warrants having the same terms as those in the Offering .
Adam Travis, CEO and Director Comments: “We are very pleased to welcome several new shareholders and are grateful for
the continued support of many existing shareholders that participated in the financing. Roughrider now looks forward to
putting these funds to work.”
The Units, common shares, wa rrants and finders’ warrants will be subject to applicable resale restrictions including a four
month hold period from the date of closing of the Offering under applicable Canadian securities laws. The Offering is
subject to final Exchange approval.
The proceeds raised by the Company pursuant to the Offering will be used for working capital purposes and for exploration
work on the Company's mineral properties.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United
States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act ") or any state securities laws and may not be offered or sold within the U nited States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
About Roughrider Exploration Limited
Roughrider’s current exploration focus is on the Empire Mine property, which it signed a Binding LOI on June 21, 2020. The
Empire Mine property is located on Northern Vancouver Island, B.C. and covers three past producing open pit mines and
two past producing underground mines for magnetite, copper, gold and silver. Roughrider’s other properties include its
100% owned Eldorado, Gin and Bonanza properties located in the Golden Triangle of Northern B.C. which are adjacent to
the Red Chris Mine as well as its 100% Sterling property which is located in Central B.C. Management is also continuously
reviewing strategic precious metals opportunities in Western North America.
On Behalf of the Board of Directors:
“Adam Travis”
Adam Travis, Chief Executive Officer and Director
For further information, please contact:
Roughrider Exploration Limited
Adam Travis, CEO
625 Howe Street, Suite 420
Vancouver, B.C. V6C 2T6, Canada
P: 250-878-7554
NR20-09
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the
proposed Transaction, private placement, board and management changes, as t o our strategy, projects, plans or future
financial or operating performance, constitutes "forward -looking statements." All statements, other than statements of
historical fact, are to be considered forward -looking statements. Forward -looking statements are necessarily based on a
number of estimates and assumptions that, while considered reasonable by Roughrider, are inherently subject to significant
business, economic, geological and competitive uncertainties and contingencies. Although Roughrider believes the
expectations expressed in such forward -looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those
projected in t he forward -looking statements. Such factors include but are not limited to: fluctuations in market prices,
exploration and exploitation successes, continued availability of capital and financing, changes in national and local
government legislation, taxati on, controls, regulations, expropriation or nationalization of property and general political,
economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and
could cause actual results to differ mat erially from those expressed or implied in any forward -looking statements made by,
or on behalf of, us. Readers are cautioned that forward -looking statements are not guarantees of future performance and,
therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward -looking statements
made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume
any obligation to update any forward-looking statements.